You can buy a bank owned foreclosure and the State of Arizona may give you 22% towards your down payment.
BestFHAlender.com (Academy Mortgage) is a participating mortgage lender in Arizona’s Your Way Home AZ” down payment assistance program that has been designed to help qualifying Arizona home buyers purchase foreclosed homes.
Funding is made available through the U.S. Housing and Urban Development Neighborhood Stabilization Program (NSP). The state of Arizona and nine other counties and communities received more than $121 million to help stabilize our hardest hit neighborhoods through a variety of efforts.
Arizona has $20 million dollars for the first phase and an additional $18 million for the final phase. You must act now before the money is gone.
This program has basic qualifying criteria such as:
- Buyer MUST occupy the home. Primary residence only.
- The buyer must have two months of payment reserves after closing.
- Income cannot be greater than 120% of the county median income.
- Contract purchase price must be at least 1% below appraised value.
- Buyer’s debt ratio must be no greater than 31/43.
- Home must pass minimum property standards inspection.
- All buyers must attend a mandatory home buyers counseling class.
Feel free to contact me with questions.
Steve Lines
Authorized FHA Loan Consultant and Co-Branch Manager
Academy Mortgage
Serving Mesa, AZ and all of the Phoenix Metropolitan Area
480-344-3662 (direct)
480-329-3346 (mobile)
slines@bestfhalender.com (email)
www.twitter.com/stevelines
www.linkedin.com/in/stevenlines
